Russian crypto industry may begin operating legally before end of year - Central Bank
MOSCOW. Sept 21 (Interfax) - The Russian crypto industry may begin functioning within a legal framework before the end of this year, Central Bank of Russia First Deputy Governor Vladimir Chistyukhin said.
"Right now we are talking about creating subordinate regulation; it is very large and significant. The government has its own piece there, the Central Bank has a fairly considerable number of normative acts. In total there are 27 acts, seven acts of the first tier and 20 acts that we consider second-tier acts. But nevertheless, even these second-tier acts must be adopted before the end of October according to our plan. And in terms of the seven initial ones - this is, as you correctly said, [these are] the registries, qualification requirements, the setup of the work of digital depositories, the white list, and some other issues. Six acts are already at the Justice Ministry. I hope the last act will also be sent there soon," Chistyukhin said.
"If our colleagues at the Justice Ministry are gracious to us and we manage to reach agreement with them and the acts are registered on time, then it is quite possible that the first entry into the registry, meaning the obtaining of a license there and the fine-tuning of internal rules, will be carried out before the end of this year. And this means that the law may begin to work, meaning we will in fact see new participants with new powers, and on the whole the crypto industry will begin to function legally," he said.
The law on digital currencies and digital rights came into force in Russia on September 1. It creates comprehensive regulation of cryptocurrency circulation within the country. Transactions with crypto can be carried out through existing infrastructure - exchanges, brokers and trust managers. New participants will also appear, including crypto exchangers and digital depositories. It will be possible to buy or sell cryptocurrency at crypto exchangers, and the rights to such assets will be recorded at digital depositories.
Unqualified investors will be able to buy only Bitcoin, Ethereum and Tether USDT within a limit of 300,000 rubles per year through one intermediary. Qualified investors will be able to purchase all cryptocurrencies that will be traded on the exchange and over-the-counter markets, without a limit on the amount. Exporters and importers can use cryptocurrency for cross-border settlements without restrictions. It is planned that liability for the illegal activity of intermediaries in the cryptocurrency market by analogy with liability for illegal banking activity will be introduced upon the completion of the transition period (from July 1, 2027).
